The Insight Partners published the latest research study on Biofertilizers Market to 2028 – COVID-19 Impact and Global Analysis By Product Type (Nitrogen Fixing, Phosphorus Solubilizing, Potassium Mobilizing, and Others), Microorganism (Rhizobium, Azotobacter, Phosphate Solubilizing Bacteria, and Others), Crop Type (Cereals and Grains, Oil Seeds and Pulses, Fruits and Vegetables, and Others), and Application (Seed Treatment, Soil Treatment, and Others).
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Report Coverage |
Details |
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Market Size Value in |
US$ 1,996.13 million
in 2021 |
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Market Size Value by |
US$ 4,744.43 million
by 2028 |
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Growth rate |
CAGR of 12.3% from
2021 to 2028 |
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Forecast Period |
2021-2028 |
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Base Year |
2021 |
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No. of Pages |
144 |
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No. Tables |
83 |
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No. of Charts &
Figures |
60 |
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Historical data available |
Yes |
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Segments covered |
Product Type,
Microorganism, Crop Type, and Application |
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Regional scope |
North America;
Europe; Asia Pacific; Latin America; MEA |
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Country scope |
US, UK, Canada,
Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi
Arabia, Brazil, Argentina |
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Report coverage |
Revenue forecast,
company ranking, competitive landscape, growth factors, and trends |
Biofertilizers
Market: Competition Landscape and Key Developments
AgriLife; Biotech International Ltd.;
Kiwa Bio-Tech Products Group Corporation; Mapleton Agri Biotec Pt Ltd; Novozymes;
Rizobacter; Symborg; T.Stanes and Company Limited; UPL; and Vegalab SA . are
the key players in the global biofertilizers market. These players are focusing
actively on developing high-quality and innovative biofertilizers products.
During the forecast period, North America is anticipated to
account for the largest share in the global biofertilizers market. The growth
of the region can be attributed to the rising demand for organic products,
increasing acceptance of biofertilizers among rural farmers, and surging
adoption of advanced irrigation systems such as drip and sprinkler irrigation
for fertigation. Furthermore, increasing government interventions in farming practices
held in the region led to significant changes in agricultural trends and
methods across the US and Canada and increased organic farming across the
region.
North America held the largest share of the global Biofertilizers
market in 2020 due to rising demand for organic products, increasing acceptance
of biofertilizers among rural farmers, and surging adoption of advanced
irrigation systems such as drip and sprinkler irrigation for fertigation.
Furthermore, increasing government interventions in farming practices held in
the region led to significant changes in agricultural trends and methods across
the US and Canada and increased organic farming across the region.
Moreover, Asia Pacific (APAC) is anticipated to grow at the
fastest CAGR from 2020 to 2028. The growth of the APAC region can be attributed
to the increasing consumer preference toward consuming organic food, coupled
with regulatory initiatives and agricultural reforms undertaken by governments
of various Asian countries. Farmers in APAC countries are choosing
biofertilizers over synthetic and chemical-based fertilizers due to the rising
demand for organic farming. Moreover, it will help prevent soil and water
contamination from the chemical application.
Based on product type, the global biofertilizers market is
segmented into nitrogen fixing, phosphorus solubilizing, potassium mobilizing,
and others. The nitrogen fixing segment led the global market in 2020 due to
the rising demand for synthesized vitamins, amino acids, nucleic acids-based
nitrogenous compounds for fixing nitrogen presence, and several other essential
minerals in the soil for organic farming globally.
Rising health consciousness and consuming chemical free food
is fostering the demand for organic food globally and this factor is driving
the growth of the global biofertilizers market. Biofertilizers entails
properties that increases the level of level of nitrogen and phosphorus in
plants more naturally than other fertilizers and soil improvement by restoring
its normal fertility. In addition to this, biofertilizers also boost soil
texture and quality, which helps plants grow better during severe conditions,
such as drought. Furthermore, the use of bio-based fertilizers in agricultural
fields significantly helps in the decomposition of organic residue and aids in
the overall development of plants and crops. Hence, the factors mentioned above
are favoring the market growth and increasing the demand for biofertilizers
globally.
The demand for biofertilizers is rising globally due to
increasing adoption organic food globally. Biofertilizers entails properties
that increases the level of level of nitrogen and phosphorus in plants more
naturally than other fertilizers and soil improvement by restoring its normal
fertility. In addition to this, biofertilizers also boost soil texture and
quality, which helps plants grow better during severe conditions, such as
drought. Moreover, biofertilizers are cheap and easy-to-use alternatives to
manufactured petrochemical products. Furthermore, the use of bio-based
fertilizers in agricultural fields significantly helps in the decomposition of
organic residue and aids in the overall development of plants and crops. Hence,
the factors mentioned above are favoring the market growth and increasing the
demand for biofertilizers globally.
Biofertilizers Market: Segmental Overview
Based on product type, the global biofertilizers
market is segmented into nitrogen fixing, phosphorus solubilizing, potassium mobilizing, and
others. The nitrogen fixing
segment led the global market in 2020 due to the rising demand for synthesized
vitamins, amino acids, nucleic acids-based nitrogenous compounds for fixing
nitrogen presence, and several other essential minerals in the soil for organic
farming globally.
Based on microorganism, the global
biofertilizers market is segmented into rhizobium, azotobacter, phosphate
solubilizing bacteria, and others. The phosphate solubilizing bacteria (PSB)
segment led the global market in 2020 due to its application in all types
of crops.
Based on crop type, the global biofertilizers
market is segmented into cereals and grains, oil seeds and pulses, fruits and
vegetables, and others. The cereals and grains segment led the global
market in 2020 due to high vegetation growth results in cereals and grains by
using azotobacter inoculation and phosphate solubilizing bacteria that proved
highly efficient biofertilizers in terms of crop yield.
Based on application, the global biofertilizers market is segmented into seed treatment, soil treatment, and others. The seed treatment segment led the global biofertilizers market in 2020 due to the rising demand for quality seeds globally.
Impact of COVID-19
Pandemic on Biofertilizers Market
Due to the COVID-19 pandemic, biofertilizers manufacturers
witnessed a slight disruption in the supply chain of their raw materials during
the first two quarters of 2020. However, the supply chain of biofertilizer
materials has been restored, and production activities have regained normalcy
in late 2020. Later, the market was not significantly negatively impacted by
the pandemic. Further, with the growing COVID-19 vaccinations and eased in
lockdown restrictions, the global economy is resuming, and subsequently, the
biofertilizers market is regaining its growth.
Asia Pacific (APAC) is anticipated to grow with the fastest
CAGR at rate of 12.6% from 2021 to 2028. The growth of the APAC region can be
attributed to the increasing consumer preference toward consuming organic food,
coupled with regulatory initiatives and agricultural reforms undertaken by
governments of various Asian countries. Farmers in APAC countries are choosing
biofertilizers over synthetic and chemical-based fertilizers due to the rising
demand for organic farming. Moreover, it will help prevent soil and water
contamination from the chemical application.